Market Performance - On January 9, 2026, the A-share market saw all three major indices close higher, with the Shanghai Composite Index at 4120.43 points, up 0.92%, the Shenzhen Component Index at 14120.15 points, up 1.15%, and the ChiNext Index at 3327.81 points, up 0.77%. Over 3900 stocks rose, with a total trading volume of 3.12 trillion yuan, an increase of 320 billion yuan from the previous trading day [1] - The Hong Kong stock market experienced fluctuations but closed higher, with the Hang Seng Index rising 0.32% to 26231.79 points and a total trading volume of 245.13 billion HKD. For the week, the Hang Seng Index fell 0.41% [1] - In the US market, the Dow Jones increased by 0.61% to 47716.42 points, the S&P 500 rose by 0.54% to 6849.09 points, and the Nasdaq Composite gained 0.65% to 23365.69 points [1] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has significantly increased the rewards for whistleblowers reporting securities and futures violations, raising the reward percentage from 1% to 3% of the penalties collected. The maximum reward for providing major violation leads has been increased from 100,000 yuan to 500,000 yuan, with cases of significant national impact or involving internal informants eligible for rewards up to 1 million yuan [1] - The CSRC has initiated an investigation into Ningbo Tianpu Rubber Technology Co., Ltd. for significant omissions in their announcements regarding abnormal stock price fluctuations, aiming to maintain market stability [3] - The State Council, led by Premier Li Qiang, emphasized the need for coordinated fiscal and financial policies to stimulate domestic demand, including measures to enhance consumer spending and support private investment through various financial incentives [4]

"扩大内需，必须统筹抓好促消费和扩投资。"中国社科院财经战略研究院财政研究室主任何代欣表示， 会议部署了财政金融一揽子政策，包括从供需两端发力促消费、加力支持民间投资等，释放了积极有力 的政策信号，有利于提振信心、引导预期，形成促内需的政策合力。 此外，会议强调，要采取更多便利化措施，切实推动政策落地见效，增强群众和企业获得感。要密切跟 踪政策实施进展，加强全链条管理，确保资金规范高效使用。 ...

本次国务院常务会议指出，实施财政金融协同促内需一揽子政策，是扩大有效需求、创新宏观调控的重 要举措。要加强财政政策与金融政策配合联动，充分发挥政策效应，引导社会资本参与促消费、扩投 资。围绕促进居民消费，优化实施服务业经营主体贷款、个人消费贷款贴息政策，推动增加优质服务供 给，增强居民消费能力。 2025年下半年，财政部会同多部门联合印发《个人消费贷款财政贴息政策实施方案》《服务业经营主体 贷款贴息政策实施方案》。其中，个人消费贷款贴息对象为居民个人使用贷款经办机构发放的个人消费 贷款中实际用于消费的部分，包括单笔5万元以下消费，以及单笔5万元及以上的家用汽车、养老生育、 教育培训、文化旅游、家居家装、电子产品、健康医疗等重点领域消费，基本可覆盖普通居民各类日常 生活性消费以及相对支出规模较大的重点领域消费。个人消费贷款财政贴息利率为年化1%。 温彬认为，两项贴息政策是财政金融协同支持提振消费的又一次创新探索，通过对个人消费贷款和服务 业经营主体贷款利息进行直接补贴，能更好发挥财政政策促消费的引导带动作用、充分释放消费潜能。 1月9日，国务院总理李强主持召开国务院常务会议，部署实施财政金融协同促内需一揽子政策 ...

新华社北京1月9日电（记者 申铖）"优化实施服务业经营主体贷款、个人消费贷款贴息政策""实施 中小微企业贷款贴息政策"……1月9日召开的国务院常务会议，部署实施财政金融协同促内需一揽子政 策。 围绕促进居民消费，会议明确，优化实施服务业经营主体贷款、个人消费贷款贴息政策，推动增加 优质服务供给，增强居民消费能力。 围绕支持民间投资，会议部署，实施中小微企业贷款贴息政策，设立民间投资专项担保计划，建立 支持民营企业债券风险分担机制，优化实施设备更新贷款财政贴息政策，进一步降低企业融资门槛和成 本。 中央经济工作会议指出，"实施更加积极有为的宏观政策，增强政策前瞻性针对性协同性"。日前召 开的全国财政工作会议称，2026年要加强财政金融协同，放大政策效能。 实施财政金融协同促内需一揽子政策，是扩大有效需求、创新宏观调控的重要举措。当日召开的国 务院常务会议指出，要加强财政政策与金融政策配合联动，充分发挥政策效应，引导社会资本参与促消 费、扩投资。 "扩大内需，必须统筹抓好促消费和扩投资。"中国社科院财经战略研究院财政研究室主任何代欣表 示，会议部署了财政金融一揽子政策，包括从供需两端发力促消费、加力支持民间投资等 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The National Fiscal Work Conference held on December 27 - 28, 2025, proposed to continue implementing a more proactive fiscal policy in 2026, including expanding fiscal expenditure, optimizing the government bond tool mix, improving the efficiency of transfer payment funds, continuously optimizing the expenditure structure, and strengthening fiscal - financial coordination [7][8]. - The "expansion of domestic demand" remains the top priority among the six key fiscal tasks in 2026, with specific measures to boost consumption, expand effective investment, and accelerate the construction of a unified national market [7][10][11]. - Hainan summarized the achievements of state - owned enterprises' reform and development during the "14th Five - Year Plan" and set goals for the "15th Five - Year Plan", aiming to enhance profitability and play a strategic supporting role [7][15]. Summary by Directory 1. News Review (1) Four Highlights of the National Fiscal Work Conference - **More Proactive Fiscal Policy**: In 2026, the fiscal policy will continue to be "more proactive". It is recommended that the deficit rate be maintained above 4%, with a new special bond quota of 5.1 trillion yuan and a special treasury bond of 1.8 trillion yuan, and the general deficit scale may reach about 15 trillion yuan, an increase of over 1 trillion yuan compared to 2025. The structure of local debt should be optimized, and the proportion of general bonds should be moderately increased [7][9]. - **Optimized Expenditure Structure**: "Expanding domestic demand" is the top priority. Specific measures include boosting consumption, expanding investment, and building a unified national market. The task of "promoting urban - rural integration and regional linkage" has been upgraded to the third place. There is significant investment space in the people - centered new urbanization, with about 300 million "new citizens" in China having unmet needs, and the investment space in urban renewal during the "15th Five - Year Plan" may exceed 35 trillion yuan [7][11]. - **Strengthened Fiscal - Financial Coordination**: This is a new proposal. Fiscal and monetary policies need to cooperate. Three dimensions to strengthen coordination are proposed: strengthening the linkage between fiscal subsidies and structural monetary policies, deepening the function of treasury bonds as the core link of macro - control, and improving the assessment and feedback mechanism [12][13]. - **Enhanced Local Financial Resources**: The focus has shifted from "increasing transfer payments" to "improving transfer payment efficiency". Suggestions include optimizing the structure, improving the direct fiscal fund mechanism, and establishing an incentive - restraint mechanism. In the long run, the fiscal and tax system reform should be deepened [14]. (2) Hainan's State - owned Enterprises Reform and Development - **Achievements in the "14th Five - Year Plan"**: Comprehensive strength has been significantly enhanced, the layout of state - owned assets has been optimized, the reform of state - owned enterprises has been advanced in an orderly manner, and the capital operation ability has been improved. Seven new listed companies have been added, and a "1 + N" mother - child fund matrix has been initially established [15]. - **Goals for the "15th Five - Year Plan"**: Solve problems such as weak main businesses, low ROE, high asset - liability ratios of some enterprises, and insufficient financing from the capital market. Continue to promote the reform of state - owned enterprises, deepen cooperation with central enterprises, and focus on improving profitability [15]. (3) Tracking of "Exiting the Platform" of Urban Investment Enterprises - This week, 12 urban investment enterprises declared to be market - oriented operating entities or exited the financing platform list, a decrease compared to last week. Most are from the infrastructure investment and financing industry, with 7 from Jiangsu. The main credit ratings are AA and AA +, and there are 7 at the municipal level and 5 at the district - county level [16]. (4) Early Redemption of Bonds by Urban Investment Enterprises - This week, 29 urban investment enterprises redeemed bond principal and interest in advance, involving 32 bonds with a total scale of 44.10 billion yuan, a decrease of 0.76 billion yuan compared to the previous value. Most of the enterprises have an AA credit rating [19]. 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds (1) Local Government Bonds - This week, the issuance and net financing scale of local government bonds decreased. Six local bonds were issued, with a scale of 20.37 billion yuan and a net financing of - 31.74 billion yuan. As of December 28, the cumulative issuance of new bonds (excluding small and medium - bank special bonds) reached 53,336.89 billion yuan, completing 102.57% of the annual new quota. The use progress of the 500 - billion - yuan carry - over quota may exceed 90% [7][20]. - In terms of issuance structure, all 6 bonds issued this week were new special bonds. The issuance term is mainly 20 - year, accounting for 59.45%. The weighted average issuance term is 15.14 years, 1.01 years shorter than the previous value. Three provinces issued local bonds this week, with Guangdong having the largest issuance scale of 15.00 billion yuan [20][21]. (2) Urban Investment Bonds - This week, the issuance scale of urban investment bonds decreased, the net financing scale increased, the issuance interest rate decreased, and the issuance spread widened. A total of 92 urban investment bonds were issued, with a scale of 62.515 billion yuan, a 20.29% decrease compared to the previous value, and a net financing of 6.841 billion yuan, an increase of 2.603 billion yuan compared to the previous value. There were no overseas urban investment bonds issued this week [7][23]. - The issuance cost: the overall issuance interest rate is 2.25%, a decrease of 4.97BP compared to the previous value, and the issuance spread is 80.61BP, a widening of 1.07BP compared to the previous value. The issuance term is mainly 5 - year, accounting for 32.61%, and the issuer's main credit rating is AA + [23][24]. 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the central bank conducted 422.7 billion yuan of reverse repurchase operations, with 457.5 billion yuan of reverse repurchase maturing. After considering other factors, the net withdrawal of funds was 155.2 billion yuan. Short - term capital interest rates fluctuated, with some rising and some falling [29]. - **Local Government Bonds**: The trading volume of local government bonds was 385.482 billion yuan, a 14.35% decrease compared to the previous value. Most of the maturity yields decreased, with an average decrease of 3.13BP [29]. - **Urban Investment Bonds**: The trading volume was 345.019 billion yuan, a 4.17% increase compared to the previous value. The maturity yields mainly decreased, with an average decrease of 1.95BP. The spreads of 1 - year and 3 - year AA + urban investment bonds widened, while that of 5 - year AA + urban investment bonds narrowed. There were 11 abnormal transactions of 6 bonds of 5 urban investment entities [30][31]. 4. Important Announcements of Urban Investment Enterprises - This week, 77 urban investment enterprises issued announcements on changes in senior management, legal representatives, directors, supervisors, etc., changes in controlling shareholders and actual controllers, equity/asset transfers, and changes in business scope [34].

Core Insights - The implementation of policies to boost consumption is receiving significant attention, with a focus on ensuring that consumers feel the impact and that domestic demand is effectively stimulated [1][2] Group 1: Policy Implementation - The government plans to continue its proactive fiscal policy in 2026, emphasizing the importance of domestic demand and the construction of a strong domestic market as a key focus area [2] - The "old-for-new" consumption policy has shown significant results, with sales exceeding 2.6 trillion yuan and benefiting over 360 million people in 2025 [1][2] - The retail sales of consumer goods increased by 4% year-on-year in the first eleven months of 2025, with the "old-for-new" policy contributing over 1 percentage point to this growth [1] Group 2: Financial Coordination - The government is optimizing the "old-for-new" policy by refining the support scope, subsidy standards, and implementation mechanisms to enhance efficiency and effectiveness [2][3] - A total of 625 billion yuan in special long-term bonds has been allocated to support the "old-for-new" policy, aimed at meeting consumer demand during peak seasons like New Year and Spring Festival [4] - The coordination between fiscal and monetary policies is crucial, with measures such as personal consumption loans and service industry loan interest subsidies being implemented to stimulate consumption from both demand and supply sides [4][5]

Core Viewpoint - The implementation of a more proactive fiscal policy in 2026 aims to boost consumer spending and enhance domestic demand, with a focus on optimizing the use of funds and improving policy effectiveness [1][2][5]. Group 1: Policy Implementation - The government plans to continue supporting consumer spending through the "old-for-new" policy, which has shown significant results, with sales exceeding 2.6 trillion yuan and benefiting over 360 million people in 2025 [1][2]. - The 2026 fiscal policy will prioritize the optimization of the "old-for-new" program, focusing on key consumer goods such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [2][3]. - The central government has allocated 62.5 billion yuan in special bonds to support the "old-for-new" policy, ensuring funds are available for peak consumption periods like New Year and Spring Festival [4]. Group 2: Financial Coordination - The emphasis on fiscal and financial policy coordination is crucial for enhancing the effectiveness of consumer support measures, with a focus on lowering credit costs and increasing policy coverage [4][5]. - The government aims to improve the efficiency of fund allocation and usage, ensuring that financial resources are directed towards high-impact consumer goods to maximize the benefits of fiscal spending [2][4]. - The collaboration between fiscal and monetary policies is expected to create a synergistic effect, enhancing overall market vitality and improving the quality of life for consumers [5].

Core Viewpoint - The government is optimizing the policy design and implementation of the "Two New" policy for 2026, focusing on boosting consumer spending and enhancing domestic demand through effective fiscal measures [1]. Group 1: Policy Implementation and Impact - In 2025, the "old-for-new" consumption policy led to sales exceeding 2.6 trillion yuan, benefiting over 360 million people, demonstrating significant market recovery and consumer satisfaction [1]. - The retail sales of consumer goods increased by 4% year-on-year in the first eleven months of 2025, with the "old-for-new" policy contributing over 1 percentage point to this growth [1]. - The central economic work conference emphasized the continuation of proactive fiscal policies in 2026, with a focus on domestic demand and market strength [1]. Group 2: Policy Optimization - The "old-for-new" policy has been refined in 2026, focusing on key consumer goods such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, while expanding subsidies for digital and smart products [2]. - The optimization aims to enhance the effectiveness of fiscal spending by targeting high-impact consumer goods and improving the overall implementation mechanism [2]. - Measures are in place to combat fraudulent claims and ensure that subsidies are effectively distributed [2]. Group 3: Financial Coordination and Support - The government plans to ensure balanced and orderly use of funds, with 62.5 billion yuan allocated for the first batch of 2026 to support the "old-for-new" policy during peak consumption periods [3]. - A coordinated approach between fiscal and monetary policies is emphasized to enhance the effectiveness of consumption-boosting measures [3]. - The collaboration between fiscal and financial policies aims to lower credit costs and increase the coverage of support measures, thereby stimulating consumer demand [3].

深入实施提振消费专项行动受到社会高度关注。如何让广大消费者更"有感"、拉动内需效果更明显？一 方面，做好资金保障，均衡有序使用资金。国家层面，合理把握节奏，按季度分批次向地方下达"国 补"资金；各地方要分领域合理制定资金均衡使用计划，平稳有序实施消费品以旧换新政策。近期，中 央已向地方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划，满足元旦、 春节等旺季消费需求。只有做好资金的安排、使用，才能更好地稳定市场预期，激发消费热情。另一方 面，打好提振消费的政策"组合拳"，特别是加强财政金融协同，放大政策效能。中央经济工作会议提 出，实施更加积极有为的宏观政策，增强政策前瞻性针对性协同性。在支持扩大内需中，财政、货币、 金融政策的协同配合发挥了重要作用。去年9月份以来，我国实施个人消费贷款和服务业经营主体贷款 贴息政策，分别从消费的需求端和供给端发力，通过降低信贷成本、提高政策覆盖面等措施加力提振消 费。财政与金融政策的协同配合还有很多"文章"可做，特别是引导金融机构用好用足再贷款和贴息政 策、加大服务消费领域信贷投放力度，优化消费金融产品和服务，力争产生"1+1>2"的政策效果。 ...

Group 1 - The core viewpoint emphasizes the need for effective implementation of consumption-boosting policies to enhance consumer experience and stimulate domestic demand [2][3] - The government plans to continue its proactive fiscal policy in 2026, focusing on strengthening domestic markets and consumer spending as a primary objective [3] - The "old-for-new" consumption policy has shown significant results, with sales exceeding 2.6 trillion yuan and benefiting over 360 million people in 2025 [2][3] Group 2 - The 2026 fiscal policy will prioritize optimizing the implementation of the "old-for-new" program, focusing on key consumer goods to maximize the impact of financial resources [3][4] - The government has allocated 62.5 billion yuan in special bonds to support the "old-for-new" policy, aiming to meet consumer demand during peak seasons like New Year and Spring Festival [5][6] - Coordination between fiscal and financial policies is crucial for enhancing the effectiveness of consumption-boosting measures, with a focus on lowering credit costs and increasing policy coverage [6]